The Stock Market Bounces Back: Nvidia, Apple, Home Depot, Wells Fargo, and More

Key Takeaways

• The S&P 500 and Nasdaq bounced back at midday after yesterday’s selloff as tech stocks rallied.
• Fastenal’s revenue rose as it added larger customers and onside locations.
• Wells Fargo reported net interest income that was short of forecasts.

The S&P 500 and Nasdaq bounced back from Thursday’s selloff at midday, and the Dow Jones Industrial Average also rose, as investors jumped back into tech stocks. Shares of yesterday’s tech losers, including Nvidia (NVDA), Apple (AAPL), and Tesla (TSLA), were all up.

It was the second straight day of strong gains for shares of companies in the housing market, including Builders FirstSource (BLDR), D.R. Horton (DHI), and Home Depot (HD), on optimism the drop in June consumer prices will lead to Federal Reserve interest-rate cuts that will boost home sales.

Fastenal (FAST) shares gained when the distributor of fasteners, safety supplies, tools, and other commercial products reported higher revenue because it added larger customers and onsite locations.

Wells Fargo Leads S&P 500 Decliners

Wells Fargo (WFC) was the worst-performing stock in the S&P 500 when the bank missed estimates for second-quarter net interest income. Shares of Delta Air Lines (DAL) and rival carriers slumped again following Delta’s weaker-than-expected outlook that raised worries about air travel this summer. Boeing (BA) shares dropped on a report the plane maker has warned customers of further delays in 737 Max deliveries.

Oil futures rose. Gold prices fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro, pound, and yen. Trading in most major cryptocurrencies was mixed.

Overall, the stock market showed resilience as tech stocks rebounded from recent losses. Investors are closely watching developments in various sectors, including technology, housing, and banking, to gauge the overall health of the economy.

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